Although August was one of the worst months of the year for the Bitcoin (BTC) price, retail investor activity on major centralized exchanges rebounded significantly. At nearly $910 billion, August volumes reached their highest levels since May 2024. It’s worth noting, however, that this figure is still more than 50% lower than the record-breaking month of March, when volume reached $2.1 trillion.
Major Cryptocurrency Exchanges Continue Uptrend
According to the latest analysis from Finance Magnates Intelligence, the total spot volume of the 10 largest centralized exchanges in August was $908 billion, a 5% increase from the $845 billion reported a month earlier.
“Derivatives trading volume on centralized exchanges also hit its highest level since May, up 4.70% to $3.68 trillion. Negative price action throughout the month led to cascading liquidations, with aggregate open interest on derivatives exchanges falling 15.7% to $45.8 billion in August,” CCData commented in its latest report.
While this figure is significantly lower than in March, when Bitcoin’s price hit all-time highs, investor activity remains robust despite less attractive prices.
Only Huobi (-14%) and Upbit (-5%) saw a month-over-month decline in trading volume, while the rest of the platforms saw increases. Kraken saw the biggest rebound (19%) among them.
The podium remains unchanged, but OKX gains ground
Among the leaders of the ranking, Binance consistently holds the first place. The exchange, with a volume of $449 billion, accounted for 49% of the total turnover of the top 10 cryptocurrency exchanges. Bybit ranks second with 17% (volume of $154 billion), and Huobi remains in third place (7%), as last month.
The only difference is that OKX and Coinbase have once again traded positions. In August, OKX regained fourth place after a 7% increase in volume to $67 billion. Coinbase fell to fifth place, its 4% increase ($66.7 billion) being too modest.
ByBit up 560% from 2023
However, if we look at the year-over-year results, the difference is colossal. Average volume has increased by 155% per year, with Bybit leading the way. As of August 2023, the platform’s volume was $23 billion, up more than 560% to $154 billion currently.
OKX gained nearly 200%, Coinbase volumes increased 150%, and Binance, Huobi, KuCoin and Bitstamp also saw triple-digit increases.
“In August, combined spot and derivatives trading volume on centralized exchanges increased amid high volatility that saw major digital assets including Bitcoin and Ethereum fall to new lows in the first weeks of the month,” CCData added.
What does September have in store for us? Historically, it is one of the worst months of the year for Bitcoin price. However, BTC price seems to be holding around the psychological level of $60,000.
